$Alphabet(GOOGL)$ $Alphabet(GOOG)$ just reported something that's hard for the market to ignore. Google Cloud revenue was up 63% year-over-year. That's not the 'slow growth big tech' story anymore; it's moving into acceleration mode. Wells Fargo is now modeling 73% YoY growth for next quarter, which suggests the narrative is shifting quickly from just a search company to a full AI and cloud compounding machine.
This is often how re-ratings begin—quietly at first, then more forcefully. If cloud maintains this trajectory, the debate over its valuation multiple might become less important than the earnings expansion showing up in the numbers.
I'm watching this closely. It feels more like early-phase institutional accumulation rather than late-cycle excitement.
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